WebBank Acquires National Partners to Expand Private-Label Premium Finance Loans
On April 1, 2019, WebBank, a subsidiary of Steel Partners Holdings, announced the acquisition of National Partners to expand its capabilities in private-label premium-finance loans. The acquisition was designed to bolster WebBank's ability to support brand partners—including retailers and fintech companies—with customized credit products issued under partner brands. WebBank has long served as a critical banking-as-a-service infrastructure provider, acting as the issuing bank behind lending programs for numerous well-known fintech platforms.
By acquiring National Partners, WebBank gained additional expertise and operational capacity in premium finance, a niche segment within the broader embedded lending ecosystem. The deal aligns with Steel Partners' strategy of growing WebBank's fintech services footprint through strategic acquisitions. Financial terms of the acquisition were not publicly disclosed.
The move reinforced WebBank's position as one of the most active BaaS banks in the United States, expanding the range of white-label lending products it can offer to fintech and retail partners.
- Strengthens WebBank's dominance as a BaaS issuing bank, expanding its embedded lending product suite for fintech partners
- Signals that BaaS banks are using M&A to deepen capabilities and broaden the range of white-label financial products available to non-bank brands